News Releases

Misrata -- Libya's third largest city -- still bears the scars of the ferocity of the fighting, but its inhabitants are confident about the future.

Hind Bensari

It's been one year since the revolution against Moamer Kadhafi erupted on February 17, 2011. Misrata -- Libya's third largest city -- still bears the scars of the ferocity of the fighting. Twelve months on, residents say they have received little assistance from the new government in Tripoli for desperately-needed reconstruction.

News Releases

Russia has lost $4 billion due to the loss of arms contracts with Libya as a result of the UN's arms shipments embargo. Anatoly Isaikin, the General Director of Russia's defense export giant Rosoboronexport, said that Russia had concluded arms contracts worth $2 billion with the previous administration of Libya. "We could conclude more contracts for the same amount," the official told Interfax.

Muftah Benomran

According to Isaikin, Russia stopped executing all defense contracts with Libya following the UN embargo. Moscow plans to conduct negotiations on the subject with the new Libyan administration as soon as the embargo is lifted. The negotiations will solve the fate of the previously concluded contracts, as well as other contracts, that were prepared for signing. "We do not build illusions about it," the official said.
In the meantime, foreign media say that Russia's similar arms contracts with Syria may end up the same. This is exactly the reason why Moscow is unwilling to approve the resolution of the Arab League in New York, Germany's Suddeutsche Zeitung wrote.
Russia has recently vetoed the draft resolution of the UN Security Council, which urged to end arms shipments to Damascus. Western journalists concluded that Russia had a number of highly lucrative deals with Bashar Assad's regime. The export of defense products and the energy business are the key branches of the Russian industry, the German newspaper said. In addition, Russia's army base in the Syrian port of Tartus is the country's only base in the Mediterranean Sea.
The strategy of trusting the old ties did not justify itself in Libya. Some experts say that Moscow's tough position on Syria may cause serious damage to the Russian Federation, the publication also said.
In September 2011, a number of Western publications calculated Russia's possible losses in Libya. In addition to $4 billion, which Russia lost as a result of the above-mentioned sanctions, Gaddafi's government ordered anti-vessel complexes in the amount of 600 million euros.
It was also said that Russia's several arms contracts with Syria totaling $2.5 billion were not likely to happen.
As long as the sanctions against Syria have not been approved yet, Russia will continue shipping military hardware to Damascus. Russia's Foreign Minister Sergei Lavrov stated that the Chariot vessel had delivered several tons of ammunition to Syria.
The contracts were signed and they must be executed, the minister said. Lavrov added that Assad was not Russia's friend. He also said that he was certain that Russian arms were not used against the demonstrators who want the Syrian president to step down.

News Releases

Russia Today denounces acts of torture undertaken by the National Transitional Council against detainees. The Nato Operation that brought the NTC into power is also raising questions.

Hind Bensari

Several detainees in Libya have died in recent weeks as a result of torture, according to Amnesty International. The human rights group says the crimes were committed by the Libyan military and security forces. The accusations follow similar claims by a French medical aid agency. Thousands of Gaddafi loyalists remain behind bars, now suffering the same atrocities handed out under the late Colonel's regime. RT's Maria Finoshina reports.

News Releases

The arms black market has been flooded with weapons from war-torn Libya, says Russia's special envoy to Africa Mikhail Margelov, citing concerns voiced to him by local authorities

Muftah Benomran

"I recently visited Nigeria, Mali, Mauritania and Morocco, and for these four countries what is happening in the desert is a real nightmare. One of the tribal leaders said to me, what happened in Libya undermined the market. I asked what market? He said, 'Today a Soviet or Chinese-made MANPAD [man-portable surface-to-air missile, like the American FIM-92 Stinger -- RT] costs the price of two Kalashnikovs... It's a real problem, because arms trafficking can end up somewhere in the south of Africa or somewhere in the south of Europe," the diplomat told RT's Sophie Shevardnadze.
He says the impression he gets from post-war Libya is that of a fundamentally divided country.
"Last time I was in Libya in December... I spent the whole day in Tripoli, and I still have a feeling that I was in a very fragmented city. There are three or four militias hating each other, competing with each other, sometimes shooting at each other. It seems like the pieces of the Libyan political puzzle do not fit together," he said.

News Releases

After just a few days of calm in Bani Walid, Libya's interior ministry has sent heavily armed fighters to the town, in bid to recapture it from Gaddafi loyalists who seized control a week ago.

Hind Bensari

Heavily armed fighters assembled by the interior ministry, and some remaining members of the National army camped just outside Bani Walid. And dozens are still trooping down here. Some of them are on the lookout for any possible threat, as they prepare to get into Bani Walid.

A fighter said, "We didn't come here because of more trouble or blood shed. All we want is to secure the place and maintain peace to the people of Bani Walid because they are also part of Libya."

There mission here is very clear.. Once they get the go ahead from their commanders and the interior ministry, they will move into the town of Bani Walid and take it over from the Ghadafi loyalists, who have been under control of the town since the beggining of the week..

A fighter said, "We are going into the city to solve the problem that is facing the people of Bani Walid Right now."

This is the last check point before you get into Bani Walid down this road... But we are told we can not go beyond this point, for the sake of our security".

Fighting broke out last sunday in Bani Walid, after one of the brigades arrested a man, believed to be a Gaddafi loyalist. Members of his brigade then ambushed their rival group, taking over control of the town.

The National Transitional council has not been able to contain the frequent incidents of fighting between Rival Groups in Libya, since the fall of Muamar Gaddafi late last year. Many of the battles are believed to be between different tribes and Pro and anti Gaddafi fighters.

Fighters said, "Bani Walid is the same as Tripoli, Benghazi, Misrata, Zintan, Rejban and Zawia. And all of us are Libyans". "We are here to secure the civilians and to enable them feel safe again."

The situation has been calm in Bani Walid since Wednesday, but this latest development, could trigger a fresh battle.

News Releases

On Thursday the 20th of October 2011,following the death of Moammar Gadhafi, world governments hailed a new day for Libya and called on the new government to swiftly rebuild its economy and embark on the task of nation-building…

Hello and welcome to Libya Business News.

On Thursday the 20th of October 2011,following the death of Moammar Gadhafi, world governments hailed a new day for Libya and called on the new government to swiftly rebuild its economy and embark on the task of nation-building…

Yet, the question of whether the Arab spring speeds up economic reform has become the burning question for economists around the world.
According to Reuters, while some governments are putting short-term stability ahead of long-term economic policies, change in economic players in some countries such as Libya, might have a positive economic effect.
In an article published by the Egyptian “ al-Ahram online”, economists agree that when there is a showdown between technocratic reforms and political expediency, politics is a much more likely winner .
Nevertheless, they point out that there are glimmers of economic reform in the region, some of them directly attributable to the Arab Spring and much is focused on Libya.
Economists interviewed by Reuters point to Libya as the shining example of a country set for a wholesale reshuffle of its business managers because much of the economy was controlled by members of ousted leader Muammar Gaddafi's family.
They argue that there are early signs that the new ownership structure will be fairer and more transparent. They also draw as an example the success of workers at where they have been able to force out managers they accused of cronyism.
The Libyan economy , according to Reuters, is likely to remain focused on oil and gas but under a government , which it says will have less prickly foreign relations. In addition, economists forecast that neglected sectors such as tourism will flourish.

On Tuesday the 11th of October, Libya's oil and finance minister Ali Tarhouni told a news conference that Libya would set up a committee to probe the scale of corruption practised by the previous regime.
While some analysts say this could spread panic among foreign players and even delay the return to normal oil output, it is reported that Industry sources have long anticipated a wide-scale probe of oil deals by the new rulers in Libya. Analysts expect that this may lead to a reallocation of some old contracts to reward countries which heavily supported the uprising against Gaddafi.
Libyan Finance Minister Tarhouni had said that Libya would in the future publish the details of all new contracts adding that the transitional government had not agreed on any new deals.

The Arab spring countries are experiencing better trade and commerce relations than before. Libya and Tunisia have reached an agreement to create a trade zone between the two countries in order to raise industrial and commercial trade volume in the next ten years.
A ministerial committee has been set up to facilitate short and long term cooperation for investors and partners from both countries.
The Tunisian Trade and Tourism Ministry had announced that Libya became the top importer of Tunisian products this year.
The Ministry also said that Tunisia exported 30% of its food and agricultural products to the Libyan market, compared with 14% during the same period last year.
The value of Tunisian exports to Libya has increased by 200 million Euros reaching by the end of last September, 300 million Euros, this compared to only 100 million Euros in the same period of 2010.

We will bring the latest Libya business news as it happens..so stay with us.

News Releases

Libya's acting Prime Minister, Mahmoud Jibril, has called Libya a model for the Arab Spring.
Speaking to Hardtalk's Stephen Sackur, Mr Jibril nevertheless acknowledged that the country faced a long road ahead.
He also explained why he plans to step down once liberation is announced.

"I want to know why he did this to the Libyan people," he told the BBC's Hardtalk programme. "I wish I were his prosecutor in his trial."

Mr Jibril added that he would welcome a full investigation into the colonel's death - as the UN has urged.

The statement comes as Libya's new leaders prepare to declare the country's liberation later on Sunday.

They have come under pressure to give a full account of Col Gaddafi's death in his hometown of Sirte on Thursday.

The US said this should be done in an "open and transparent manner". UN human rights Commissioner Navi Pillay called for a full investigation, as have major human rights groups.

Video footage showed Col Gaddafi being captured alive - and then dead. Officials say he was killed in crossfire.

A post-mortem carried out on the former leader's body on Sunday showed he had received a bullet wound to the head, medical sources said.

Acting Prime Minister Mahmoud Jibril told Hardtalk: "To be honest with you at the personal level I wish [Col Gaddafi] was alive."

He said he had wanted to ask the former leader why Libya had to endure 42 years of oppression under his rule.

Mr Jibril added that it would be "absolutely OK" to carry out a full investigation under international supervision into the killing, as long as Islamic burial rules were respected.

Correspondents say few Libyans are worried about the manner of their former dictator's humiliating end, which has been celebrated across the country.

Meanwhile the commander of the forces that captured Muammar Gaddafi has given details of the Libyan ex-leader's last moments.

Omran al-Oweib told the BBC that the colonel was dragged from a drainage pipe where he was hiding, took 10 steps and collapsed amid gunfire between NTC forces and Gaddafi supporters.

"I didn't see who killed, which weapon killed Gaddafi," Mr Oweib said. He added that some of his fighters had wanted to shoot the colonel, but that he had sought to keep him alive.

"I tried to save his life but I couldn't," he said.

Col Gaddafi's body - and that of his son Mutassim, who was also killed on Thursday - have been placed in a meat storage facility in the city of Misrata.

Conflicting reports
The burial has been delayed, amid uncertainty about what to do with the body.

Officials from the National Transitional Council (NTC) have said they want a secret burial to prevent any grave being turned into a shrine.

National Transitional Council to issue a "declaration of liberation"
Elections for a Public National Conference to be held within eight months
The new body is to appoint a prime minister, an interim government and a constituent authority which will draft a new constitution within 60 days
Constitution to be put to a referendum
If the constitution is approved, general elections will be held within six months
According to a military official in Misrata, a meeting in Benghazi on Sunday will discuss what to do with the corpse.

The formal declaration of liberation is due to take place on Sunday in the eastern city of Benghazi, the first city to break free from Col Gaddafi's rule. Elections should take place by next June, Mr Jibril has said.

"According to what we call the constitutional declaration, the first election after the liberation of the country... should be within a period of eight months maximum," Mahmoud Jibril told a conference in Jordan.

He said a new elected body would draft a constitution to be put to a referendum and form an interim government pending presidential elections.

Col Gaddafi, who came to power in a coup in 1969, was toppled in August. He was making his last stand in Sirte alongside two of his sons, Mutassim and Saif al-Islam, according to reports.

There are conflicting reports as to the whereabouts of Saif al-Islam, and Col Gaddafi's security chief - who are both at large.

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News Releases

The mood in Tripoli Thursday night was joyful with people honking horns and shooting off celebratory gunfire after the death of Moammar Gadhafi and the fall of the loyalist stronghold of Sirte, according to Independent Television News' Lindsey Hilsum. Jeffrey Brown discusses the future of the new Libya with Hilsum.

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News Releases

Libyan transitional council announces full control of Bani Walid, Yemen's Saleh warns of coup as security forces continue to open fire on protestors, Syrian regime ignore calls to stop the killings, and more.

Lina

Libyan transitional council announces full control of Bani Walid, Yemen's Saleh warns of coup as security forces continue to open fire on protestors, Syrian regime ignore calls to stop the killings, and more.

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News Releases

Mahmoud Jibril, the prime minister and often the foreign face of Libya's National Transitional Council, has pledged to resign from government once the country is liberated.
There has been political infighting in the NTC, with some potentially damaging rifts opening up. Jibril's announcement came after news of a potential cabinet reshuffle began to emerge on Sunday evening.
Al Jazeera's Hashem Ahelbarra reports from Tripoli.